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Asset Liability Neither An Asset Nor A Liability.
Classify each of the items in the following list as: asset; liability; neither an asset nor a liability.
1. cash at bank2. loan from the bank3. letter from the bank promising an overdraft facility at any time in the next three months4. trade receivable (an amount due from a customer who has promised to pay later)5. trade receivable (an amount due from a customer who has promised to pay later but has apparently disappeared without leaving a forwarding address)6. trade payable (an amount due to a supplier of goods who has not yet received payment from the business)7. inventory of finished goods (fashion clothing stored ahead of the spring sales)8. inventory of finished goods (fashion clothing left over after the spring sales)9. investment in shares of another company where the share price is rising ( j) investment in shares of another company where the share price is falling11. lender of five-year loan to the business12. customer to whom the business has offered a 12-month warranty to repair goods free of charge13. a motor vehicle owned by the business14. a motor vehicle rented by the business for one year15. an office building owned by the business16. an office building rented by the business on a 99-year lease, with 60 years' lease period remaining.
Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31.
Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
What is the amount of the annual depreciation computed by the straight-line method?
Compare and contrast prime and conversion costs
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
Imagine a shift manager at a manufacturing plant is gathering data on the number of units workers assemble during two different shifts over 10 different days. If the number of units assembled by each shift varies greatly from day to day, what impa..
the beginning inventory balances of item b on august 1 and the purchases of the item during the month of august were as
To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 237,600 common shares. The acquisitions took place as shown below.
please explain and describe in details the term intangible asset. what major characteristics differentiate intangible
Footings for a structure are to be built beneath a basement slab
during 2010 raines umbrella corp. had sales of 740000. cost of goods sold administrative and selling expenses and
werth company asks you to review its december 31 2012 inventory values and prepare the necessary adjustments to the
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